Business, Money and Banking
Currency
Korea's official monetary unit is the South Korean Won (KRW or ₩). The currency consists of notes and coins.
General Business Hours
Business hours table
| Government Offices |
9am to 6pm (Mon to Fri), Closed on weekend |
| Banks |
9am to 4pm (Mon to Fri), Closed on weekends |
| Restaurants & Retail Stores |
Commonly open 11am to around 9pm (in some cases, open until 2 to 3am) |
| Major Convenience Stores |
GS25, Family Mart, and 7-11 (24 hours, 7 days a week) |
Exchanging Money
You can exchange foreign currencies into Korean won at a bank, exchange service center, or an authorized currency exchange.
Exchanging Money table
| Banks |
9:30am-4pm
(closed Saturdays, Sundays and Holidays) |
| Exchange Service Centers |
9:30am-10pm (every day) |
| Authorized Currency Exchanges |
Hotel Business hours or 24 hours in hotels |
Currency Exchange Rate: 1 USD = 1,100 KRW (as of November 2010)
Major Banking Institutions
Traveler's Checks
Traveler's checks can be used in place of cash at hotels, department stores, and some restaurants and shops, but it is better to exchange them into cash for simpler transactions. Visa, American Express, and Thomas Cook traveler’s checks are readily accepted in Korea.
Credit Cards
Visa, American Express, Diners Club, Master Card and other major credit cards are accepted in Korea. Cash advances are also available at select bank machines.
ATMs and Cash Machines
Cards with the Plus and Cirrus logos are the easiest to use and most widely accepted in Korea. Some ATMs accept most major international bank cards, such as Maestro, Citibank, Citicard, Electron, JCB and others. Most ATM/bank machines operate 24 hours a day, while others are open from 8am to midnight.
